The Free Fallin' singer's longtime manager Tony Dimitriades has said that the musician passed away at 8:40pm PT at the hospital, surrounded by his family, friends and his bandmates.

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Dimitriades said in a statement: "On behalf of the Tom Petty family, we are devastated to announce the untimely death of our father, husband, brother, leader and friend Tom Petty.

"He suffered cardiac arrest at his home in Malibu in the early hours of this [Monday] morning and was taken to UCLA Medical Center but could not be revived," he said.

His death comes just days after he concluded his tour to mark the Heartbreakers' 40th anniversary.

Petty dropped out of high school at the age of 17 to pursue a music career. He and Tom Leadon formed a band called Mudcrutch in the 1970s, which has produced two albums.

The same country-rock band later evolved into the Heartbreakers, which saw much success in 1976 with the album Tom Petty and the Heartbreakers.

Petty's long-time friend Bob Dylan has spoken about the death of the singer. "It's shocking, crushing news. I thought the world of Tom. He was a great performer, full of the light, a friend, and I'll never forget him."